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It is also the maximum amount of covered wages that are taken into account when average earnings are calculated in order to determine a worker's Social Security benefit . In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [ 1 ...
To determine whether your benefits are taxable in a given year, you need to calculate what the Social Security Administration (SSA) calls your combined income, which includes your adjusted gross ...
2019. $132,900. 2020. $137,700. 2021. $142,800. 2022. $147,000. If you earn more than the maximum in any year, whether in one job or more than one, the SSA will only use the maximum to calculate ...
Each year, a wage cap is set to determine how much earnings are subject to Social Security taxes. Currently, that cap sits at $168,600. But in 2025, it's likely to rise.
In the United States, Social Security is the commonly used term for the federal Old-Age, Survivors, and Disability Insurance ( OASDI) program and is administered by the Social Security Administration (SSA). [ 1] The Social Security Act was passed in 1935, [ 2] and the existing version of the Act, as amended, [ 3] encompasses several social ...
This is known as maximum taxable earnings, which shifts on a yearly basis in line with changes in the national average wage index. For 2022, that amount is $147,000, but the Social Security ...
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